NEWS BULLETIN | ![]() | |
M.D.C. HOLDINGS, INC. | RICHMOND AMERICAN HOMES | |
HOMEAMERICAN MORTGAGE | ||
FOR IMMEDIATE RELEASE | ||
WEDNESDAY, APRIL 19, 2006 | ||
Contacts: | Paris G. Reece III | Robert N. Martin | Alison Schuller | |||
Chief Financial Officer | Investor Relations | Corporate Communications | ||||
(303) 804-7706 | (720) 977-3431 | (720) 977-3554 | ||||
greece@mdch.com | bob.martin@mdch.com | alison.schuller@mdch.com |
M.D.C. HOLDINGS ANNOUNCES 12% INCREASE IN
FIRST QUARTER DILUTED EARNINGS PER SHARE; REPORTS QUARTERLY
HOME ORDERS AND QUARTER-END BACKLOG
FIRST QUARTER DILUTED EARNINGS PER SHARE; REPORTS QUARTERLY
HOME ORDERS AND QUARTER-END BACKLOG
• | Diluted earnings per share of $2.08 vs. $1.86 in 2005 | ||
• | Net income of $95.4 million, a 13% increase over 2005 | ||
• | Total revenue of $1.14 billion, up 22% | ||
• | Closed 3,198 homes at an average selling price of $350,000 | ||
• | Financial services profits of $8.3 million, up 192% | ||
• | Homebuilding and corporate debt-to-capital ratio, net of cash, of 0.31 | ||
• | Net orders for 3,800 homes valued at $1.36 billion | ||
• | Quarter-end backlog of 7,134 homes valued at $2.70 billion, up 11% |
DENVER, Wednesday, April 19, 2006 — M.D.C. Holdings, Inc. (NYSE/PCX: MDC) today announced net income for the quarter ended March 31, 2006 of $95.4 million, or $2.08 per share, compared with net income of $84.6 million, or $1.86 per share, for the same period in 2005. Total revenue for the first quarter reached $1.14 billion, up 22% from the same period in 2005.
“We are pleased to announce growth in our net income and earnings per share for the 15th consecutive quarter,” said Larry A. Mizel, MDC’s chairman and chief executive officer. “During our 2006 first quarter, we again were recognized as one of America’s premier companies. We achieved a ranking of #437 on the FORTUNE 500 list, up 29 spots from the prior year, we were included for the first time in the S&P MidCap 400 Index, and we were named to the Forbes Platinum 400 as one of ‘America’s Best Big Companies’ for the eighth consecutive year.”
Mizel continued, “Our disciplined approach to managing homes under construction and a relatively short lot supply has contributed to our continued high level of cash and borrowing
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capacity, which reached its highest level ever of $1.27 billion at the end of the 2006 first quarter. We reached this capacity by increasing the commitment under our five-year, unsecured credit facility by nearly 20% to $1.25 billion, with the ability to further increase this amount by $500 million, subject to increases in bank commitments. This gives us flexibility to allocate capital between alternative investments that we expect to produce the highest risk-adjusted returns for our Company. Consistent with this objective, during the first quarter, we continued to reallocate our financial and human capital away from Texas to markets such as Salt Lake City, where recently we acquired certain assets of Salisbury Homes to strengthen our position as a leading builder in one of our fastest growing markets.”
Mizel concluded, “Our record first quarter financial performance has positioned us for another successful year in 2006. While proud of these accomplishments, we are keenly aware that the homebuilding environment has weakened. Because the level of our success in 2006 will hinge largely on our ability to generate net home orders in this environment over the balance of the year, we are not in a position to predict whether our revenues and earnings for the full year 2006 will exceed our 2005 performance. Nevertheless, we are optimistic that generally strong economic conditions will help our more challenged markets return to sustainable, healthy levels of demand for new homes. At the same time, we are confident that we have the right disciplines and strategy to make the most of the opportunities presented by this changing homebuilding environment to further our primary objective of maximizing long-term value for our shareowners.”
Please refer to the last paragraph of this release for a discussion of factors that may impact the Company’s estimates of revenue and earnings.
Growth in Homebuilding Profits
Homebuilding operating profits for the quarter ended March 31, 2006 were $173.8 million, representing an increase of 7% over profits of $162.5 million for the same period in 2005. This increase primarily resulted from higher average selling prices, which reached an average of $350,000 for the quarter ended March 31, 2006, up $59,700 from the first quarter of 2005. The Company closed 3,198 homes in the 2006 first quarter, compared with 3,158 home closings in the same period in 2005, and home gross margins were 27.2%, compared with 28.4% for the comparable period in 2005.
Paris G. Reece III, MDC’s executive vice president and chief financial officer, said, “During the first quarter of 2006, we once again improved our homebuilding profits, realizing year-over-year increases in many of our markets, most notably in Arizona, Florida and Maryland. Each of these markets benefited from increased average selling prices and home gross margins, though none experienced a year-over-year increase in home closings. The first quarter home gross margin increases recorded in these markets, as well as in Utah and Virginia, were more
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than offset by lower home gross margins in Nevada and California. As in the prior three quarters, our home gross margins eased in Nevada from the extraordinary levels realized in the comparable periods of the previous year. In addition, our home gross margins in California moderated from the levels achieved in the first quarter of 2005, due in part to the earlier close-out of certain high margin subdivisions in both Los Angeles and the Bay Area.”
Improved Financial Services Results
Operating profits from the Company’s financial services business for the first quarter of 2006 nearly tripled from the 2005 first quarter, increasing to $8.3 million. The profit improvement primarily was due to higher gains on sales of mortgage loans, compared with the same period in 2005. Increased volumes of mortgage loan originations and mortgage loans sold drove the higher gains. The Company achieved these increased originations by expanding the offering of mortgage loan products that it could originate directly for its customers, thereby decreasing the need for less profitable loans brokered to outside lenders.
Home Orders and Backlog
MDC received orders, net of cancellations, for 3,800 homes with a sales value of $1.36 billion during the 2006 first quarter, compared with net orders for 4,546 homes with a sales value of $1.48 billion during the same period in 2005. The Company ended the first quarter of 2006 with a backlog of 7,134 homes, compared with a backlog of 7,893 homes at March 31, 2005. The estimated sales value of backlog at the end of the 2006 first quarter was $2.70 billion, 11% higher than the $2.43 billion estimated sales value of backlog at March 31, 2005.
“While our net home orders received in most of our markets have slowed from their strong and, in some cases, unsustainable levels over the past few years, we have been encouraged by the number of gross home order contracts, exclusive of cancellations, that we have taken during the 2006 first quarter,” said Reece. “In fact, we received higher year-over-year gross home orders in all markets except Colorado, Virginia and Texas, and our total gross home orders excluding Texas in the 2006 first quarter actually were higher than in the first quarter of 2005. However, almost all of our markets experienced higher home order cancellations, contributing to lower net home orders per active subdivision in every market except Utah, which has continued to show strength.”
Similar to the last three quarterly periods, net home orders received in the 2006 first quarter were lower year-over-year in Arizona. This decline primarily resulted from a reduction in the number of gross home orders received per active subdivision from record first quarter order levels in 2005, combined with a significant increase in home order cancellations. The increase in cancellations in this market, as well as in Florida and Virginia, was driven in part by what
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appears to be the exit of speculators from these markets, along with other factors related to higher mortgage interest rates. In addition, an increased supply of homes available to be purchased in these three markets, as well as in Colorado, resulted in an elevated number of order cancellations from prospective homebuyers who were unable to sell their existing homes in a more competitive sales environment. Home orders in Virginia also were impacted by a decline in the number of active subdivisions during the 2006 first quarter, compared with the same period in 2005. Texas experienced the largest year-over-year decline in net home orders in the 2006 first quarter, as a result of our decision not to purchase additional lots in this market.
The Company realized a 37% year-over-year increase in net home orders received in Utah in the 2006 first quarter, primarily due to the continued strong demand for new homes in this market. MDC also experienced first quarter increases in the number of net home orders received in Nevada and California. In these markets, the declines in the number of net home orders received per active subdivision were more than offset by increases in the number of subdivisions in which the Company was actively selling homes during the first quarter of 2006, compared with the same period in 2005.
MDC, whose subsidiaries build homes under the name “Richmond American Homes,” is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC’s homebuyers, through its wholly owned subsidiary HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country’s best housing markets. The Company is the largest homebuilder in Colorado; among the top five homebuilders in Northern Virginia, suburban Maryland, Phoenix, Tucson, Las Vegas, Jacksonville and Salt Lake City; and among the top ten homebuilders in Northern California and Southern California. MDC also has established operating divisions in West Florida, Delaware Valley, Chicago, Dallas/Fort Worth and Houston. For more information about our Company, please visit www.richmondamerican.com.
Forward-Looking Statements
Certain statements in this release, including statements regarding future home closings, revenue and earnings, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes; (3) the relative stability of debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of performance bonds and insurance covering risks associated with our business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth
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initiatives; (10) building moratoria; (11) governmental regulation, including the interpretation of tax, labor and environmental laws; (12) changes in consumer confidence and preferences; (13) required accounting changes; (14) terrorist acts and other acts of war; and (15) other factors over which the Company has little or no control. Additional information about the risks and uncertainties applicable to the Company’s business is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
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M.D.C. HOLDINGS, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
REVENUE | ||||||||
Homebuilding | $ | 1,124,854 | $ | 921,330 | ||||
Financial Services | 17,408 | 11,598 | ||||||
Corporate | 432 | 988 | ||||||
Total Revenue | 1,142,694 | 933,916 | ||||||
COSTS AND EXPENSES | ||||||||
Homebuilding | 951,085 | 758,820 | ||||||
Financial Services | 9,095 | 8,751 | ||||||
Corporate | 28,357 | 30,316 | ||||||
Related Party Expenses | 1,676 | 100 | ||||||
Total Costs and Expenses | 990,213 | 797,987 | ||||||
Income before income taxes | 152,481 | 135,929 | ||||||
Provision for income taxes | (57,060 | ) | (51,298 | ) | ||||
NET INCOME | $ | 95,421 | $ | 84,631 | ||||
EARNINGS PER SHARE | ||||||||
Basic | $ | 2.13 | $ | 1.95 | ||||
Diluted | $ | 2.08 | $ | 1.86 | ||||
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 44,820 | 43,458 | ||||||
Diluted | 45,970 | 45,564 | ||||||
DIVIDENDS DECLARED PER SHARE | $ | .25 | $ | .15 | ||||
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M.D.C. HOLDINGS, INC.
Information on Business Segments
(In thousands)
(Unaudited)
Information on Business Segments
(In thousands)
(Unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
HOMEBUILDING | ||||||||
Home sales | $ | 1,119,308 | $ | 916,831 | ||||
Land sales | 1,837 | 1,296 | ||||||
Other revenue | 3,709 | 3,203 | ||||||
Total Homebuilding Revenue | 1,124,854 | 921,330 | ||||||
Home cost of sales | 814,589 | 656,780 | ||||||
Land cost of sales | 2,374 | 790 | ||||||
Marketing expenses | 29,035 | 22,318 | ||||||
Commission expenses | 32,843 | 25,846 | ||||||
General and administrative expenses | 72,244 | 53,086 | ||||||
Total Homebuilding Expenses | 951,085 | 758,820 | ||||||
HOMEBUILDING OPERATING PROFIT | 173,769 | 162,510 | ||||||
FINANCIAL SERVICES | ||||||||
Net interest income | 856 | 527 | ||||||
Broker fees | 2,080 | 2,168 | ||||||
Gains on sales of mortgage loans, net | 13,027 | 7,898 | ||||||
Other revenue | 1,445 | 1,005 | ||||||
Total Financial Services Revenue | 17,408 | 11,598 | ||||||
General and Administrative Expenses | 9,095 | 8,751 | ||||||
FINANCIAL SERVICES OPERATING PROFIT | 8,313 | 2,847 | ||||||
TOTAL OPERATING PROFIT | 182,082 | 165,357 | ||||||
CORPORATE | ||||||||
Interest and other revenue | 432 | 988 | ||||||
Related party expenses | (1,676 | ) | (100 | ) | ||||
Other general and administrative expenses | (28,357 | ) | (30,316 | ) | ||||
INCOME BEFORE INCOME TAXES | $ | 152,481 | $ | 135,929 | ||||
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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands, except per share amounts)
(Unaudited)
Selected Financial Data
(Dollars in thousands, except per share amounts)
(Unaudited)
March 31, | December 31, | March 31, | ||||||||||
2006 | 2005 | 2005 | ||||||||||
BALANCE SHEET DATA | ||||||||||||
Calculation of Corporate and Homebuilding Debt (net of cash) | ||||||||||||
Total Debt | $ | 1,221,931 | $ | 1,152,829 | $ | 821,203 | ||||||
Less: Financial Services Debt | (125,540 | ) | (156,532 | ) | (74,811 | ) | ||||||
Corporate and Homebuilding Debt | 1,096,391 | 996,297 | 746,392 | |||||||||
Less: Cash and Cash Equivalents and Restricted Cash | (173,388 | ) | (221,273 | ) | (226,834 | ) | ||||||
Corporate and Homebuilding Debt (net of cash) | $ | 923,003 | $ | 775,024 | $ | 519,558 | ||||||
Calculation of Capital (excluding mortgage lending debt and net of cash) | ||||||||||||
Total Debt | $ | 1,221,931 | $ | 1,152,829 | $ | 821,203 | ||||||
Stockholders’ Equity | 2,055,208 | 1,952,109 | 1,516,458 | |||||||||
Total Capital | 3,277,139 | 3,104,938 | 2,337,661 | |||||||||
Less: Financial Services Debt | (125,540 | ) | (156,532 | ) | (74,811 | ) | ||||||
Capital (excluding mortgage lending debt) | 3,151,599 | 2,948,406 | 2,262,850 | |||||||||
Less: Cash and Cash Equivalents and Restricted Cash | (173,388 | ) | (221,273 | ) | (226,834 | ) | ||||||
Capital (excluding mortgage lending debt and net of cash) | $ | 2,978,211 | $ | 2,727,133 | $ | 2,036,016 | ||||||
Stockholders’ Equity Per Share Outstanding | $ | 45.76 | $ | 43.74 | $ | 34.72 | ||||||
Cash and Available Borrowing Capacity Under Lines of Credit1 | $ | 1,267,845 | $ | 1,245,540 | $ | 1,216,362 | ||||||
Ratio of Homebuilding and Corporate Debt to Equity2 | .53 | .51 | .49 | |||||||||
Ratio of Homebuilding and Corporate Debt to Capital2 | .35 | .34 | .33 | |||||||||
Ratio of Homebuilding and Corporate Debt to Equity (net of cash)2 | .45 | .40 | .34 | |||||||||
Ratio of Homebuilding and Corporate Debt to Capital (net of cash)2 | .31 | .28 | .26 | |||||||||
Housing Completed or Under Construction Inventories | $ | 1,346,057 | $ | 1,266,901 | $ | 904,474 | ||||||
Land and Land Under Development Inventories | $ | 1,814,612 | $ | 1,656,198 | $ | 1,307,240 |
Quarter | Full Year | Quarter | ||||||||||
Corporate and Homebuilding Interest Capitalized | ||||||||||||
Interest Capitalized in Inventories at Beginning of Period | $ | 41,999 | $ | 24,220 | $ | 24,220 | ||||||
Interest Incurred During the Period | 14,841 | 51,872 | 10,815 | |||||||||
Interest in Home and Land Cost of Sales for the Period | (9,618 | ) | (34,093 | ) | (7,294 | ) | ||||||
Interest Capitalized in Inventories at End of Period | $ | 47,222 | $ | 41,999 | $ | 27,741 | ||||||
Interest Capitalized as a Percent of Inventories | 1.5 | % | 1.4 | % | 1.3 | % |
1 | Aggregate commitment amount under our homebuilding and mortgage lines of credit and consolidated cash and cash equivalents less principal amounts outstanding and letters of credit issued under our lines of credit. | |
2 | Corporate and Homebuilding Debt (net of cash) and Capital (excluding mortgage lending debt and net of cash) are non-GAAP measures used to calculate the Ratio of Homebuilding and Corporate Debt to Capital (net of cash) and the Ratio of Homebuilding and Corporate Debt to Equity (net of cash). A reconciliation of these two terms is provided above. MDC’s management tracks these terms, and their associated ratios, on a regular basis in order to assess its debt and capital positions. The presentation of this additional information is not meant to be considered in isolation or as a substitute for total debt or total capital determined in accordance with GAAP. |
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M.D.C. HOLDINGS, INC.
Selected Financial Data
(Dollars in thousands, except per share amounts)
(Unaudited)
Selected Financial Data
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
OPERATING DATA | ||||||||
Interest in Home Cost of Sales as a Percent of Home Sales Revenue | 0.9 | % | 0.8 | % | ||||
Homebuilding and Corporate SG&A as a Percent of Home Sales Revenue | 14.7 | % | 14.4 | % | ||||
Depreciation and Amortization | $ | 13,628 | $ | 9,994 | ||||
Home Gross Margins3 | 27.2 | % | 28.4 | % | ||||
Cash Used in Operating Activities | $ | (108,443 | ) | $ | (118,333 | ) | ||
Cash Used in Investing Activities | $ | (1,638 | ) | $ | (4,663 | ) | ||
Cash Provided by (Used in) Financing Activities | $ | 61,289 | $ | (59,145 | ) | |||
After-Tax Return on Total Revenue | 8.4 | % | 9.1 | % | ||||
After-Tax Return on Average Assets4 | 15.1 | % | 16.8 | % | ||||
After-Tax Return on Average Equity4 | 29.0 | % | 32.3 | % |
3 | Home sales revenue less home cost of sales as a percent of home sales revenue. | |
4 | Based on last twelve months data. |
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
Homebuilding Operational Data
(Dollars in thousands)
(Unaudited)
March 31, | December 31, | March 31, | ||||||||||
2006 | 2005 | 2005 | ||||||||||
LOTS OWNED AND CONTROLLED | ||||||||||||
Lots Owned | 24,263 | 23,445 | 24,021 | |||||||||
Lots Under Option | 17,304 | 18,819 | 16,895 | |||||||||
Homes Completed or Under Construction (including models) | 6,781 | 6,891 | 6,056 | |||||||||
LOTS OWNED AND CONTROLLED BY MARKET | ||||||||||||
(excluding homes under construction) | ||||||||||||
Arizona | 11,278 | 11,035 | 10,814 | |||||||||
California | 5,543 | 5,372 | 4,064 | |||||||||
Colorado | 5,572 | 5,837 | 5,581 | |||||||||
Delaware Valley | 1,679 | 1,754 | 923 | |||||||||
Florida | 4,144 | 4,403 | 3,979 | |||||||||
Illinois | 566 | 616 | 873 | |||||||||
Maryland | 1,772 | 1,852 | 1,803 | |||||||||
Nevada | 4,804 | 5,455 | 5,464 | |||||||||
Utah | 1,749 | 1,382 | 1,385 | |||||||||
Virginia | 4,015 | 4,007 | 3,880 | |||||||||
Subtotal | 41,122 | 41,713 | 38,766 | |||||||||
Texas | 445 | 551 | 2,150 | |||||||||
Total Company | 41,567 | 42,264 | 40,916 | |||||||||
ACTIVE SUBDIVISIONS | ||||||||||||
Arizona | 58 | 54 | 42 | |||||||||
California | 42 | 34 | 28 | |||||||||
Colorado | 50 | 57 | 55 | |||||||||
Delaware Valley | 8 | 7 | 4 | |||||||||
Florida | 26 | 19 | 18 | |||||||||
Illinois | 7 | 8 | 4 | |||||||||
Maryland | 15 | 11 | 14 | |||||||||
Nevada | 41 | 43 | 34 | |||||||||
Utah | 21 | 18 | 18 | |||||||||
Virginia | 25 | 20 | 24 | |||||||||
Subtotal | 293 | 271 | 241 | |||||||||
Texas | 18 | 21 | 24 | |||||||||
Total Company | 311 | 292 | 265 | |||||||||
Average for Quarter Ended | 299 | 287 | 252 | |||||||||
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
(Unaudited)
Homebuilding Operational Data
(Dollars in Thousands)
(Unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
AVERAGE SELLING PRICE PER HOME CLOSED | ||||||||
Arizona | $ | 285.2 | $ | 203.3 | ||||
California | 533.3 | 518.5 | ||||||
Colorado | 296.5 | 282.5 | ||||||
Delaware Valley | 412.0 | — | ||||||
Florida | 297.7 | 186.4 | ||||||
Illinois | 363.3 | 401.9 | ||||||
Maryland | 570.3 | 423.7 | ||||||
Nevada | 323.1 | 288.8 | ||||||
Texas | 169.0 | 155.1 | ||||||
Utah | 260.7 | 212.9 | ||||||
Virginia | 596.2 | 484.2 | ||||||
Company Average | $ | 350.0 | $ | 290.3 | ||||
Company Average (Without Texas) | $ | 358.2 | $ | 297.8 |
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
ORDERS FOR HOMES, NET (UNITS) | ||||||||
Arizona | 919 | 1,152 | ||||||
California | 544 | 531 | ||||||
Colorado | 451 | 664 | ||||||
Delaware Valley | 39 | 43 | ||||||
Florida | 272 | 320 | ||||||
Illinois | 44 | 29 | ||||||
Maryland | 152 | 145 | ||||||
Nevada | 779 | 750 | ||||||
Utah | 339 | 248 | ||||||
Virginia | 194 | 343 | ||||||
Subtotal | 3,733 | 4,225 | ||||||
Texas | 67 | 321 | ||||||
Total | 3,800 | 4,546 | ||||||
Estimated Value of Orders for Homes, net | $ | 1,360,000 | $ | 1,480,000 | ||||
Estimated Average Selling Price of Orders for Homes, net | $ | 357.9 | $ | 325.6 | ||||
Orders for Homes, Gross Before Cancellations (Units) | 5,504 | 5,700 | ||||||
Orders for Homes, Gross Before Cancellations (Units, Without Texas) | 5,360 | 5,212 | ||||||
Order Cancellation Rate5 | 31.0 | % | 20.2 | % | ||||
5 | Order Cancellation Rate is calculated as total cancelled home order contracts during a specified period of time as a percent of total home orders received during such time period. |
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M.D.C. HOLDINGS, INC.
Homebuilding Operational Data
(Dollars in Thousands)
(Unaudited)
Homebuilding Operational Data
(Dollars in Thousands)
(Unaudited)
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
HOMES CLOSED (UNITS) | ||||||||
Arizona | 778 | 796 | ||||||
California | 464 | 386 | ||||||
Colorado | 399 | 448 | ||||||
Delaware Valley | 31 | — | ||||||
Florida | 252 | 295 | ||||||
Illinois | 36 | 5 | ||||||
Maryland | 74 | 74 | ||||||
Nevada | 675 | 609 | ||||||
Utah | 173 | 168 | ||||||
Virginia | 177 | 212 | ||||||
Subtotal | 3,059 | 2,993 | ||||||
Texas | 139 | 165 | ||||||
Total | 3,198 | 3,158 | ||||||
March 31, | December 31, | March 31, | ||||||||||
2006 | 2005 | 2005 | ||||||||||
BACKLOG (UNITS) | ||||||||||||
Arizona | 2,240 | 2,099 | 2,499 | |||||||||
California | 845 | 765 | 952 | |||||||||
Colorado | 629 | 577 | 908 | |||||||||
Delaware Valley | 189 | 181 | 66 | |||||||||
Florida | 619 | 599 | 663 | |||||||||
Illinois | 88 | 80 | 42 | |||||||||
Maryland | 329 | 251 | 296 | |||||||||
Nevada | 1,127 | 1,023 | 887 | |||||||||
Utah | 504 | 338 | 369 | |||||||||
Virginia | 398 | 381 | 799 | |||||||||
Subtotal | 6,968 | 6,294 | 7,481 | |||||||||
Texas | 166 | 238 | 412 | |||||||||
Total | 7,134 | 6,532 | 7,893 | |||||||||
Backlog Est. Sales Value | $ | 2,700,000 | $ | 2,440,000 | $ | 2,430,000 | ||||||
Estimated Average Selling Price of Homes in Backlog | $ | 378.5 | $ | 373.5 | $ | 307.9 | ||||||
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